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Beneficiary Basics: What Every Policyholder Should Know
Losing a loved one can be emotionally taxing.
Unfortunately, it also may come with tasks that require attention.
In order to settle financial matters and to transfer property, several important legal documents are required.
1. Who Is a Beneficiary?
A beneficiary is a person or entity mentioned in legal documents after someone's passing. Such as:
- Wills
- Trusts
- Insurance policies
They are usually named in legal documents to receive assets or benefits after someone passes away.
What are the different types of beneficiaries?
Different types of beneficiaries are:
- Estate Beneficiary → they are named in the deceased's will to inherit assets (probate required)
- Trust Beneficiary → they receive proceeds from a trust according to the guidelines (probate not required)
- Insurance Beneficiaries → they receive payouts from the deceased's life, health, or other policies directly (based on the policy's terms)
- Pension Beneficiaries → they are named separately from wills to receive funds from deceased's retirement accounts
- Transfer on Death (TOD)/Payable on Death (POD) Beneficiaries → they directly receive funds from bank or brokerage accounts
2. What Are The Top Documents Needed?
After a death, beneficiaries have to make sure they gather correct documentation to claim benefits, pay debts, distribute assets per the deceased's wishes, and transfer ownership of accounts and property.
Here are the following documents:
- Death Certificate → proves date/cause of death
- Wills → outlines distribution of assets
- Trusts → designates third party to manage asset distribution
- Power of Attorney → deceased may have legally empowered someone to manage affairs/assets
- Financial Statements → bank, retirement, brokerage records identity assets/debts to settle
- Insurance Policies → provide guidance on claiming life, home, auto, or health benefits
- Marriage/Divorce Certificates → needed in some cases to prove marital status or estate matters
- Vehicle Titles → transfer ownership of a vehicle
3. Get Your Vital Records With Us
Receiving your vital records through our website only gets better from here.
You can obtain a state-issued birth certificate, death certificate or any other information needed regarding vital information.
Here's how State Vital Records works:
- Submit your form and order online
- Notarize through NotaryLive (if required)
- After you finish your application, State Vital Records will send your application to the jurisdiction – the jurisdiction is responsible for the rest of the application process.
- The jurisdiction will complete your order and mail a copy of the requested records to you.
If you require assistance in notarizing your document, please contact [email protected]. Interested in the notarization process? Click here to learn more.
Looking to order your state vital records? Click here to make a request. Have any questions, contact us!
Frequently Asked Questions
ARE THE CERTIFICATES OFFICIAL?
- Yes. The certificates are issued by the Department of Public Health and are recognized and accepted by all state and federal agencies.
WHAT KIND OF PAYMENT METHODS DO YOU ACCEPT?
- We accept Visa, MasterCard, JCB, American Express and Discover. Please contact us for more payment options.
WHAT KIND OF VITAL RECORDS CAN I RECEIVE/ORDER?
- State Birth Certificate
- State Death Records (Certificate)
- Marriage Certificate
- Divorce Certificate
- Fetal Death and Stillbirth Certificates
ARE YOU AFFILIATED WITH A LOCAL, STATE OR FEDERAL AGENCY?
- We are a privately-owned site, but trusted and contracted by the Department of Public Health.
WHERE ARE MY VITAL RECORDS?
- Once we've sent your order to the jurisdiction, it is in the hands of the jurisdiction. Please contact them for status on where your vital record is.